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Abstract

In this chapter, the current world's challenges, shortcomings of strategic performance measurement, and management methodologies are analyzed to introduce the new Cognitive Analytics Management (CAM) framework. CAM uses five components (SAMAS): Shared values to stakeholders; cognitive Analytics to generate applied insights; Mission, vision, and goals to develop corporate strategy; Activities to create—innovative models, products, and services—using various organizations' supporting Structure from people, process, regulation, and technology to develop smart organizations. The efficient frontier data envelopment analysis is proposed to generate performance measures and derive insights from best practices. The input-efficiency and output-effectiveness performances are used to prioritize scenarios. Insights from the best scenarios are used to improve inefficient ones, to manage performance, and to boost productivity growth. CAM also introduces a new cognitive leadership concept to help making informed decisions in a smart competitive world while alleviating societal challenges. Finally, CAM implementation roadmap, supporting literature, and new research innovations are provided.

Chapter Preview

You may say I am a dreamer / But I am not, [I have goals]. (John Lennon, [Ibrahim H. Osman])

Introduction

Dynamically increasing world challenges derived from changing demographics, accelerating globalization, rising environmental concerns, expanding impact of new technology, evolving societal relationships, and growing threats of stability and order have led to financial deficits, disparity in income, economic depressions, uncertainty in the provision of basic needs (water, food and energy), scarcity of resources, increasing poverty, decreasing well-being of individuals, shortage in job creation, and increasing inequality in income distribution, where the rich people are getting richer and the poor people are getting poorer. Forbes Magazine on (March 3rd 2013) published a report on the richest people in 2013. The list contained the names of 1426 billionaires with an aggregate net worth of $5.4 trillion, which is more than 3300 times the gross domestic product (GDP) of the 8th poorest country in the world, Liberia, with a GPD estimated at $1.6 billion and a population of over 4 million person. Such challenges are reshaping businesses, governments and non-government organizations and inviting business leaders, policy makers and entrepreneurs to develop new socially inclusive business models for generating performance growth and creating better shared values to address such societal challenges,(Michelini & Fiorentino, 2012; Porter & Kramer, 2011; and Pfitzer et al. 2013). A shared value of an organization can be simply defined as the total sum of business value to internal shareholders and the social impact value to external stakeholders. Socially inclusive business models involve all stakeholders in a complex process to generate sustainable shared values on a win-win basis among all stakeholders rather than traditional limiting focus on economic value creation to only internal shareholders. (Michelini & Fiorentino, 2012, and Lee et al. 2012).

Key Terms in this Chapter

Cognitive Analytics Management: The scientific and integrative process for acquiring data, and transforming them into applied insights to make informed decisions in real time using data analytics models, cognitive systems and tools in a specific contextual society domain whether business, government, for-profit and not for-profit organizations. They are inspired by human brain intelligence to make on-demand informed decisions anyplace, at any time.

Data Envelopment Analysis (DEA): A mathematical approach to evaluate a set of decision making units (set of strategies, options, organizations, products, people, etc) which use multiple inputs to produce multiple outputs. DEA evaluates each option in its best merit relative to others of prioritizations of units, to allocate resources, identify best practices for continuous improvement.

Societal Needs: Include the essential element for human survival from energy, food, and water, to health, job, security, and transport.

Shared Value: The sum of the business value to internal shareholders and the social (economic, environmental, and impact) value to external stakeholders.